If you're still planning on finishing this game, I recommend increasing the player's default walk speed. Not only is it sluggish on its own, but it doesn't give you enough time to react to enemy projectiles, resulting in unavoidable damage. In fact, maybe also slow down enemy projectile speed while you're at it.
I also recommend reducing the transformation time. I get that you want a risk/reward system where you can still get attacked, but the wait-time is currently way overboard and should be reduced to 2 seconds or less. To counterbalance this, you could make it so that enemies have an actual pattern and don't just move in random directions like NES Zelda.